Market Comment- 30.03.2021

ZSE gains subside in penultimate session… Gains on the ZSE continued to diminish in the penultimate session of the month. Resultantly, the All-Share Index scratched 0.79% to 4503.73pts while, the segregated Industrial Index added 0.80% as mid and small cap counters traded mixed. The Top Ten Index swung back into the red after dropping 0.02% to 2605.14pts while, the Mining Index was 0.04% softer at 5533.66pts. A rare trade was registered in Zeco which topped the risers of the day on a 50% surge that took in to $0.0003. Construction group Masimba trailed on a 19.51% to close at $18.9905, albeit closing well offered at $16.0000. FML ticked up 9.13% to $22.7000 while, Banking group ZB added 8.12% to close at $37.0000.TSL was 7.50% firmer at $43.0000 on paltry 100 shares. Other gains were seen in Cassava +5.27%, Meikles +3.37% and OKZIM +1.12%. Twenty-six counters traded in the positive trajectory against eleven fallers while, three sailed stable, widening the positive market breadth to fifteen. Apparel retailers Truworths led the losers list on a 8.43% drop that took it back to $0.9938 where demand could be found. Star Africa lost 7.35% as it closed at $0.4623 while, waning demand in Delta helped drag the Index lower as the beverages group dropped 3.39% to close at $46.1570, having reached an intra-day low of $45.0000. Zimplow continued to lose it glitter as it lost a further 2.36% to $7.0319 while, Axia rolled back yesterday’s gains on a 2.22% loss to end at $17.6135 and completed the top five losers list. Activity aggregates improved as volumes exchanged ballooned 120.11% to 9.40m shares while, turnover rose 107.48% to $89.23m. Delta and Masimba emerged the top value drivers of the day as the duo claimed a combined 34.85% of the total. Foreign purchases accounted for a mere 1.02% of the turnover while, disposals claimed 21.25% of the same.